HyperEVM生态链：Meme暂停，下一个Robinhood？
- 핵심 의견: HyperEVM은 HYPE 사상 최고가 경신과 Meme의 빠른 순환 전환 속에서 온체인 생태계 열기가 급등하며, Gas 수수료는 한때 단건 10달러 이상까지 치솟았다. 현재의 열기는 주로 Meme 심리에 의해 주도되며, 이것이 지속적인 상승장으로 이어질지는 사용자 유지율과 실용 프로젝트의 실제 수익 전환에 달려 있다.
- 핵심 요소:
- HYPE 현재 가격 약 $79.65, 7일 상승 35.4%, 30일 상승 38.7%, 어제 $83.27 사상 최고가를 기록하며 시장의 근본적인 동력이 되고 있다.
- Meme 선두주자 EGG는 창립자 Jeff Yan의 초기 트윗에서 비롯되었으며, 폭발기 24시간 상승률이 14,000%를 넘었고 시가총액은 한때 $8M–9M에 달했으나 현재는 뚜렷이 하락했다.
- CHAMELEON은 Jeff의 초기 창업 경험(Chameleon Trading)과 연계되어 있으며, 시가총액은 한때 약 $4M까지 치솟았으나 현재 약 65%–70% 하락했다.
- Launchpad 플랫폼 Motion.meme은 Bonding Curve 가격 발견 메커니즘을 채택하고 있으며, 발행 수수료 0.05 HYPE, 플랫폼 수수료 약 0.5%로 Meme 시장의 '삽 파는' 역할을 하고 있다.
- 스테이킹 프로토콜 Kinetiq(KNTQ)은 HyperEVM 최대 유동성 스테이킹 프로토콜로, Markets, Launch 및 검증자 수익을 통해 KNTQ를 환매하여 스테이커에게 분배하며, 펀더멘털이 비교적 탄탄하다.
- 대출 프로토콜 HyperLend(HPL) TVL 약 $570M, 대출 잔액 약 $308M, 스테이킹 시 대출 비용 절감을 지원하며, 리베이트 상한은 최대 80%이다.
- DEX Project X는 HyperEVM에서 거래량 선두를 달리는 집중 유동성 AMM으로, TVL 약 $45.8M, 24시간 거래량 약 $152M, 네이티브 AMM 거래 점유율 50%–60%를 차지한다.
Original author: Biteye
Over the past few days, HyperEVM has abruptly shifted from being Hype's dedicated on-chain infrastructure to a "high-volatility trading arena"—amid HYPE hitting an all-time high and rapid Meme rotations, HyperEVM's on-chain Gas fees once surged to over ten dollars per transaction, far exceeding the ETH mainnet!
The fundamental driver of this market action first comes from HYPE's strong performance following Trump's endorsement. HYPE is currently trading at approximately $79.65, up 35.4% over 7 days and 38.7% over 30 days, hitting an all-time high of $83.27 yesterday.
A Rundown of Hot Memes and Projects on HyperEVM
Memes: EGG and CHAMELEON Ignite Sentiment
EGG: The Current Sentiment Leader on the Hype Chain
EGG originates from an early tweet by Jeff Yan: "Just buy eggs with your shitcoins."
The community packaged it into a native HyperEVM Meme and created a mini-game and interactive official website, eggonhype.com.
Contract: 0xb75d5ee14708e7efbea939311090061d72265608
Summary: EGG's 24-hour gain during its explosive phase exceeded 14,000%, with a market cap reaching approximately $8M–$9M, but it has since seen a noticeable pullback.
CHAMELEON: The Narrative of Jeff's Early Entrepreneurial History
CHAMELEON is tied to Jeff's real entrepreneurial journey. Before Hyperliquid emerged, Jeff ran Chameleon Trading, and his X account handle remains @chameleon_jeff to this day.
Contract: 0xddfed493a114d610C5709FEFd22BAEF40DC23428
Summary: CHAMELEON's market cap once surged to approximately $4M but has since retraced about 65%–70%.
Launchpad: Motion
Motion.meme is essentially the HyperEVM version of Pump.fun. Projects first undergo price discovery through a Bonding Curve before entering the HyperSwap V3 pool for trading.
Its fee mechanism is as follows:
·Token issuance fee: 0.05 HYPE;
·Bonding phase: approximately 0.5% platform fee;
·HyperSwap pool fee: approximately 0.01%;
Summary: Motion plays the "shovel seller" role in this round of Meme market activity. If the HyperEVM Meme Season sustains its momentum, Motion stands to benefit significantly.
Staking: Kinetiq (KNTQ)
Kinetiq is the largest liquid staking protocol on HyperEVM. Users stake HYPE to receive kHYPE, earning staking yields while also being able to use kHYPE for lending and LP activities.
KNTQ's advantage lies in its clear value capture: revenue from Markets, Launch, and a portion of validator income is used to buy back KNTQ and distribute it to sKNTQ stakers.
Summary: Overall, Kinetiq is the utility project with the most complete fundamentals in this HyperEVM cycle.
HIP-3: Kinetiq Launch
Kinetiq Launch is a launch platform for HIP-3 perpetual exchanges.
Deploying a HIP-3 exchange requires staking over 500,000 HYPE, which at current prices is close to $40M. Kinetiq Launch allows the community to crowdfund this capital and isolates the risk of different exchanges through independent exLST.
Summary: Kinetiq uses Launch revenue to buy back KNTQ, adding a new "HIP-3 exchange incubation platform" narrative to KNTQ.
Lending: HyperLend (HPL)
HyperLend is the primary lending market on HyperEVM, supporting assets like HYPE and kHYPE as collateral, positioning itself as the credit layer of Hyperliquid.
·TVL: approximately $570M
·Outstanding loans: approximately $308M
Summary: HPL can be staked as sHPL to reduce borrowing costs, with rebate caps of up to 80%. The market's bullish thesis is its "low market cap, high TVL" profile.
DEX: Project X
Project X is the leading concentrated liquidity AMM on HyperEVM by trading volume.
·TVL: approximately $45.8M
·24h trading volume: approximately $152M
Summary: Among native HyperEVM AMMs, Project X commands roughly 50%–60% of the trading volume share.
Conclusion:
Currently, the HyperEVM hype appears more like an ecosystem re-rating driven by HYPE's new highs. Whether it can elevate into a true HyperEVM Season remains to be seen—key factors to watch include user retention after Meme hype attracts attention, and whether a series of utility projects can convert into real users and actual revenue.
Moreover, every time HyperEVM sees a rise in activity and on-chain trading picks up, Gas fees spike noticeably. During peak periods, single-transaction costs can easily reach 10–20 U. While this increases HYPE's Gas demand and burn, it also caps the ceiling for Meme trading and limits the long-term prosperity of the HyperEVM ecosystem.
